Indian gold eases marginally on global cues
NEW DELHI (Reuters) - Gold prices in India, the world's biggest buyer of bullion, drifted lower on Wednesday on global cues and as the rupee retreated from two-month lows touched against the dollar earlier in the day.
At 1213 GMT, the most active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.06 percent lower at 31,728 rupees per 10 grams.
The rupee, which closed little changed against the dollar, plays an important role in determining the landed cost of the dollar-quoted yellow metal.
"Overall, the market is bullish. But there has been some easing of demand compared with the pre-Diwali period," said a dealer with a state-run bank.
The run up to Diwali - the festival of lights - which India celebrated on November 13, coupled with the wedding season demand had pushed up prices in the recent past. The wedding season demand will taper off in December.
Overseas gold inched lower on Wednesday as the dollar firmed after Greece's lenders failed to strike a debt deal for the country, although sentiment for bullion remains supported by expectation of continuous monetary easing by central banks.
Silver bucked the trend. Silver for December delivery on the MCX was 0.15 percent higher at 61,630 rupees per kg.
(Reporting by Malini Menon; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
- Netanyahu vows to complete Gaza tunnels destruction
- China should set lower 2015 GDP growth target of 6.5-7 pct - IMF
- U.S. says hopeful of WTO deal with India only hours before deadline
- UPDATE 3-Argentine assets drop after default, "credit event" in balance
- Cricket - India four down and facing England defeat
The United States said on Thursday it was hopeful that differences between India and much of the rest of the world over a major trade agreement could be resolved in time, with only hours remaining before the deal has to be signed. Full Article
ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources Full Article